Title 22 — Foreign Relations and IntercourseRelease 119-73

§290o–4 Subscription of stock

Title 22 › Chapter CHAPTER 7— - INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter SUBCHAPTER XXX— - MIDDLE EAST DEVELOPMENT BANK › § 290o–4

Last updated Apr 6, 2026|Official source

Summary

Lets the Treasury Secretary buy, for the United States, up to 7,011,270 shares of the Bank's capital stock. Any promise to buy those shares only counts if Congress has approved the money first by an appropriations law. Congress can provide up to $1,050,007,800 to pay for the United States' share purchase, and that money has no fiscal year limit. Of that total, no more than $105,000,000 can be used for paid-in capital (and no more than $52,500,000 of paid-in capital for fiscal year 1997), and up to $787,505,852 can be used for callable capital. If the Bank pays the United States any net income, that money must be turned into the Treasury as a miscellaneous receipt.

Full Legal Text

Title 22, §290o–4

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)(1)The Secretary of the Treasury may subscribe on behalf of the United States to not more than 7,011,270 shares of the capital stock of the Bank.

(2)Any commitment to make such subscription shall be effective only to such extent or in such amounts as are provided for in advance by appropriations Acts.

(b)For payment by the Secretary of the Treasury of the subscription of the United States for shares described in subsection (a), there are authorized to be appropriated $1,050,007,800 without fiscal year limitation.

(c)(1)(A)Not more than $105,000,000 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of paid-in capital stock.

(B)Not more than $52,500,000 of the amounts appropriated pursuant to subsection (b) for fiscal year 1997 may be obligated for subscription to shares of paid-in capital stock.

(2)Not more than $787,505,852 of the amounts appropriated pursuant to subsection (b) may be obligated for subscription to shares of callable capital stock.

(d)Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

Reference

Citations & Metadata

Citation

22 U.S.C. § 290o–4

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73